Another economic symposium for Byo

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A LOCAL business pressure group Bulawayo Business Arise (BBA) will on Thursday hold an economic symposium to map out a strategy to address economic problems besetting the city.

A LOCAL business pressure group Bulawayo Business Arise (BBA) will on Thursday hold an economic symposium to map out a strategy to address economic problems besetting the city.

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The conference, dabbed “Business Innovation Hub” is slated for December 5 and is expected to attract government officials and captains of industry and would focus on how investment in sectors like agriculture, natural resources, information communication technology infrastructure and financial services would transform Bulawayo as an economic gateway.

Captains of industry are also expected to discuss implementation measures to salvage Bulawayo industry which is in the doldrums after 84 companies closed last year with more continuing to shut down as the economy continues to weaken.

Industries in Bulawayo are hoping for a government bailout in next year’s national budget, which has been delayed, with critics saying the government is cash-strapped and struggling to come up with a budget.

The investment conference will be aimed at bringing together the local business community to speak with one voice in addressing the myriad of challenges haunting local industry.

As part of measures to find solutions to Bulawayo’s industrial and business woes, early this year BBA submitted a proposal to the government on issues they believed would enable the revival of industry.

They proposed that Bulawayo be declared a specialised industrial zone. The government is expected to declare Bulawayo a special economic zone next year after amending the Investment Act as it intensifies efforts to revive the city’s status as the hub of industrial activity in the country.

Special economic zones are designated areas in a country that possess special economic status, enjoy tax incentives and exemption from duty on importation of raw materials, among other things, to create an investor-friendly environment.